https://www.taxtmi.com/caselaws?id=328495 A highest bid in a public auction does not create a vested right to purchase unless the bid is formally accepted and the sale is confirmed. Where the auction terms require further acceptance steps before the balance payment stage, no concluded contract arises from deposit of earnest money alone, and the bidder cannot compel transfer or insist that an enhanced offer be accepted. If confirmation never occurs, however, refund of the earnest money is warranted, and prolonged retention of the amount can justify interest from the date of deposit until refund. en-us Fri, 03 Jun 2016 00:00:00 +0530 Wed, 10 Aug 2016 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328495 A highest bid in a public auction does not create a vested right to purchase unless the bid is formally accepted and the sale is confirmed. Where the auction terms require further acceptance steps before the balance payment stage, no concluded contract arises from deposit of earnest money alone, and the bidder cannot compel transfer or insist that an enhanced offer be accepted. If confirmation never occurs, however, refund of the earnest money is warranted, and prolonged retention of the amount can justify interest from the date of deposit until refund. Case-Laws Income Tax Fri, 03 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328495